Possible Channel Breakout in Indigo

Notes:

• Indigo has been trading in a channel since the 10th of November 2020 (1500-1790) possibly due to COVID and the near term outlook of the industry being a factor.
  
• However, since the last week of April, its been in a steady uptrend, and is now back at the top of the channel (1785-1830 almost a 2.5% zone)
  
• Owing to the long consolidation period and the fact that second wave is more or less under control, we could see Indigo testing previous high of 1900 in the coming sessions if the zone is broken.
  
  

Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.

Trade attivo:

Got to do an intraday trade. Captured a 1% move.

Trade attivo:

Closed in the zone (1784-1829) taking the lower level as support.

Looking forward to the next session for a better picture. Still slightly bullish.

Commento:

The daily close resembles a marubozo, which is really not that good for our position. The only good thing is, the small shadow below the candle seems to be the candle taking support from the Daily Pivot level. If thats broken, I would consider closing the idea since its no longer valid